Cycle Trading

Summary

• Gold, Miners, and Silver remain in weekly uptrends
• Assets are stretched above short-, intermediate-, and long-term moving averages
• Stretch conditions suggest momentum, not trend failure
• Copper is beginning to participate, signaling broader cyclical confirmation
• Weekly trends remain intact unless lower weekly cycle bands are violated

Gold, the Miners, and Silver remain firmly in bullish territory, but an important development is now unfolding beneath the surface — copper is starting to participate.

Gold and the Miners are currently stretched above their respective 10 day moving averages, 10 week moving averages, and 10 month moving averages, reflecting strong upside momentum across multiple timeframes. While stretched conditions can lead to short-term consolidation, they are also a hallmark of healthy, trending markets.

From a cycle perspective, the bigger picture remains constructive. Gold, the Miners, and Silver are all in weekly uptrends. They will remain in those weekly uptrends unless and until they close below their lower weekly cycle bands. Until that occurs, pullbacks should continue to be viewed as corrective rather than trend-ending.

What’s notable now is that copper — while not a precious metal — appears to be joining the move. Copper often acts as a confirmation signal for broader cyclical strength, particularly when participation begins to expand beyond the traditional precious metals complex. Its improvement suggests increasing risk appetite and reinforces the idea that the broader metals space is in a sustained advance.